Spin-out company AtriAN Medical has developed a pioneering new treatment for Atrial Fibrillation – the most common form of abnormal heart rhythm affecting millions of people worldwide. The company resulted from a collaboration between NUIG and Mayo Clinic in the US was spun out of NUIG in 2019 having licensed IP from the university.
The technology underpinning the formulation of the company originated at Mayo Clinic and was further developed in NUI Galway under an Enterprise Ireland Commercialisation Fund programme. This approach was facilitated by an overarching agreement between Enterprise Ireland and Mayo Clinic to enable collaboration between Mayo Clinic and Irish third level institutions. Both NUI Galway and Mayo Clinic have taken equity in the company.
The NUI Galway Innovation Office was involved from the inception of the company, providing support for the team at the outset in their application for the implementation of the EI Commercialisation Fund for the project. It also facilitated arrangements with the Mayo Clinic to enable the team at NUI Galway to advance the IP and worked with the founders to develop and implement a patenting strategy. The Innovation Office negotiated licensing the technology to the company and concluded the shareholders agreement with the parties.
AtriAN has located in the NUI Galway Innovation Centre and continues to work with the university on further development of the technology having achieved €1.1m funding in the Disruptive Technology Innovation Fund (DTIF). The company is an Enterprise Ireland HPSU.
In addition, the company has raised €2.3m in Seed Funding to complete the First-In-Human trial with the first patient to be treated in late 2020. AtriAN has also been awarded €2.3m in the European Horizon 2020 SME instrument.
Speaking of the funding raised by AtriAN Medical, Dr Jacinta Thornton of the NUI Galway Innovation Office said
“Having supported the development and management of the technology over the last number of years in NUI Galway, we congratulate the company on securing this investment and we commend them on reaching this important milestone.”
Also speaking of the company’s recent financial success, Mr Ken Coffey, Co-founder and Chief Executive Officer of AtriAN Medical commented,
“We want to thank our investors who were vital in being able to progress this novel and exciting technology into the clinic. We were delighted and thrilled with the incredible support from the team at NUI Galway and our friends at Mayo Clinic in the US.”
Publish date: 2019